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Credito Valtellinese in €700 Million Rights Offering

March 20, 2018

Cleary Gottlieb acted as U.S. and UK counsel to Credito Valtellinese in its recent offering of €700 million new ordinary shares at an offer price of €0.10 per share.

The new shares were offered to existing shareholders of the bank in a rights offering in Italy and to institutional investors abroad, including qualified institutional buyers in the United States. The transaction closed on March 20, 2018.

Credito Valtellinese is an Italian bank, headquartered in Sondrio, with a domestic network of 439 branches and 3,964 employees as of September 30, 2017. Founded in 1908, Credito Valtellinese offers financing, bancassurance and investment products targeting retail and corporate clients.